Single-Member LLCs and Schedule C

Single-Member LLCs and Schedule C

Are you a corporation? Do you find yourself breathing cash flow and snacking on accounts receivable, and was your birth recorded on your Articles of Incorporation? We’re just kidding; no living breathing person is a corporation (if you take away the living breathing part, it’s a different story). Regardless, you might be doing business as a corporation, and you might be the only person who works for this corporation. If this is the case, you are probably a Single-Member Limited Liability Corporation (SMLLC). Note: A married couple can also count as a single member for an SMLLC depending on the…
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Why Do I Owe an Underpayment Penalty?

Why Do I Owe an Underpayment Penalty?

We’ve all been around long enough to understand one of the key differences between businesses and government entities: Businesses have competitors. If a business treats you in a way that seems (or is) unfair, you usually have an option to “take your business elsewhere.” The government, on the other hand, doesn’t have to compete the way businesses do. Taking your business to another country is not always possible, and even if it is, it’s easier said than done. When it comes to the IRS in particular, even moving to a different country is no escape from US income taxes. Nothing…
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Your Guide to The Business Meal Deduction in 2021

Your Guide to The Business Meal Deduction in 2021

You may already be aware that the Business Meals deduction for income taxes, which used to be known as the “Meals & Entertainment Deduction,” has been picked away over the years, much to the chagrin of US businesses and their employees. But did you know that last year, lawmakers relented at the “last minute” (December 27th) to provide indirect relief for ailing restaurants? For tax years 2021 and 2022, there is a temporary 100% business meals deduction! Let’s get into the details. https://youtu.be/UK2ZEegoUzU Business Meal Deduction 2021: How To Get a 100% Deduction To qualify for a 100% deduction, meals…
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